Financial Performance - FTAI Infrastructure reported a net loss attributable to stockholders of $137,236,000 for Q4 2024, compared to a loss of $48,193,000 in Q4 2023[2]. - The basic and diluted loss per share for Q4 2024 was $1.24, while for the full year 2024, it was $2.75[2]. - Net loss attributable to stockholders for the year ended December 31, 2024, was $(298,139) thousand, compared to $(183,736) thousand in 2023, representing a 62.5% increase in losses[23]. - Power and Gas reported a net loss of $(37,211,000) for the year, alongside interest expenses of $37,600,000[28]. Revenue and EBITDA - Total revenues for Q4 2024 were $80,764,000, slightly down from $81,440,000 in Q4 2023; full year revenues increased to $331,497,000 from $320,472,000[14]. - Adjusted EBITDA for Q4 2024 was $29,173,000, and for the full year, it was $127,588,000[2]. - Adjusted EBITDA (Non-GAAP) for the year was $161,281,000, with contributions from Jefferson Terminal ($84,254,000), Power and Gas ($41,967,000), Railroad ($40,246,000), and Repauno ($(5,186,000))[27]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of $(15,278) thousand for 2024, a significant decline from net cash provided of $5,513 thousand in 2023[20]. - Total cash and cash equivalents at the end of the period increased to $147,296 thousand in 2024 from $87,479 thousand in 2023, marking a 68.5% increase[20]. - The company reported a net cash provided by financing activities of $193,232 thousand in 2024, compared to $79,447 thousand in 2023, representing a 143.5% increase[20]. Assets and Liabilities - Total assets as of December 31, 2024, were $2,374,388,000, a slight decrease from $2,379,609,000 in 2023[17]. - Total liabilities increased to $1,921,712,000 as of December 31, 2024, compared to $1,641,518,000 in 2023[17]. Dividends and Shareholder Returns - The company declared a cash dividend of $0.03 per share for Q4 2024, payable on March 26, 2025[4]. - The company’s cash dividends for common stock increased to $(13,124) thousand in 2024 from $(12,372) thousand in 2023, reflecting a 6.1% increase[20]. Expenses and Depreciation - Depreciation and amortization expense for the year was $83,885 thousand, slightly higher than $81,541 thousand in 2023[23]. - The total depreciation and amortization expense for the year was $82,461,000, with Jefferson Terminal accounting for $52,347,000[27]. - Equity-based compensation expense for the year totaled $8,142,000, with significant contributions from Jefferson Terminal and Power and Gas[27]. Investments and Financing - Proceeds from debt in financing activities increased significantly to $498,426 thousand in 2024, compared to $181,350 thousand in 2023, reflecting a 175.5% increase[20]. - Net cash used in investing activities decreased to $(118,137) thousand in 2024 from $(147,123) thousand in 2023, indicating a 19.7% improvement[20]. Other Financial Metrics - Equity in losses of unconsolidated entities for the year was $55,496 thousand, up from $24,707 thousand in 2023, indicating a 124.5% increase[23]. - The total provision for (benefit from) income taxes across segments was $6,274,000[27]. - The company recorded a loss on modification or extinguishment of debt amounting to $2,086,000 in Jefferson Terminal for the year[30]. - Jefferson Terminal incurred acquisition and transaction expenses totaling $5,000 for the year[30].
FTAI Infrastructure (FIP) - 2024 Q4 - Annual Results